Last month the Securities and Exchange Commission (SEC) voted to propose a package of new rules and amendments related to cybersecurity for registered investment advisers and funds.
The proposed new rules would require advisers to adopt and execute written cybersecurity policies and procedures that would address cybersecurity risks that are harmful to clients and fund investors. The proposed rules would also require advisers to report any significant cybersecurity incidents within 48 hours of discovery to the Commission by confidentially filing a proposed new form ADV-C.
This proposal, if adopted, reflects an agressive approach by the SEC. It includes the most detailed and onerous cybersecurity related requirements imposed on advisers and funds at the national level. This proposal could significantly impact RIA recordkeeping procedures for managing and addressing cybersecurity risks.
The SEC published the proposed rules [on Feb. 9, 2022] on their website and in the Federal Register. The public can comment on the proposal until April 11, 2022 or 30 days following the publication of the proposing release in the Federal Register, whichever period is longer.
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